The story begins with Julian, the narrator, sitting at the River Bar with his friends Leon and Briceño. An older man named Leonidas arrives and joins them. He tells the group that Justo, another member of their circle, will be fighting the Gimp at the raft that night. After Leonidas leaves, Briceño expresses doubt about Justo's chances of winning, prompting the others to tell him to hush.

Julian briefly returns home, changes his clothes, wraps a knife, and slips it into his pocket. He tells his wife he'll be back later. Back at the River Bar, he talks to the owner, Moses, who is already aware of the fight. Moses, being friends with Justo, offers any help he can provide, worried about Justo's safety. He mentions that the Gimp and his friends were in the bar the night before, boasting about their plans against Justo. After their conversation, Julian notices Justo sitting by himself. Justo recounts his encounter with the Gimp and his friends, who challenged him to the fight. Julian shows Justo the knife he brought, but Justo insists on using his own. They finish their drinks and head off to meet Leon and Briceño.

Despite earlier uncertainties, Leon and Briceño express confidence in Justo's ability to defeat the Gimp. The four young men make their way to the raft, which is actually a massive carob tree that fell into the river long ago and shifts slightly each year. Upon arrival, they find the Gimp and his group already there, and the two groups exchange tense, sarcastic remarks.

Leonidas shows up, surprising both the fighters and their friends, but he asserts his right to be there as much as anyone else. Julian inspects the Gimp's knife, assessing its width, length, weight, and sharpness, and declares it fair. Before showing his own knife, Justo asks Leonidas why he came. Leonidas simply says he came because he wanted to. Chunga examines Justo's knife and also declares it fair.

Justo and the Gimp prepare for their fight, and Leonidas approaches Justo, offering strategic advice. The fight starts slowly but soon intensifies. Both fighters manage to wound each other, but eventually, Justo suffers a serious injury. Despite this, he refuses to give up. The Gimp first pleads with Julian, who was once his friend, and then with Leonidas to persuade Justo to surrender. Justo remains defiant, and the fight continues until he collapses. The Gimp and his group quietly leave while the others tend to Justo’s lifeless body.

Leon turns to Leonidas and says, “Don’t cry, old-timer. I’ve never known anyone as brave as your son. I really mean that.” When the young men offer to take Justo’s body to Leonidas’ hut, he simply replies, “Yes.”